The United States has long been listed among the world's largest economies. Within the country, a number of metropolitan areas contribute significantly to the nation's total economic production. According to 2016 statistics released by the American Community Survey, the following countries are the top earning metropolitan areas in the United States.
The 10 metro areas listed below are the largest regional contributors to the US economy. Each metropolitan area helps to foster economic growth within the country. Each and every metro area has its own drivers of growth but, at national levels, professional and financial service sectors are common stimulators to those growths which occur at a fast rate. Extracting and processing minerals by the mining industry have also contributed much to the fastest-growing metro economies. Therefore, GDP sources should be able to provide insight into the biggest money makers for each respective area.
10. Philadelphia, Pennsylvania - $65,647
2014 GDP values for the Philadelphia metropolitan area totaled $391,118 million chained US dollar, exhibiting a fast rising trend. The area has been doing great for the last 14 years, without any significant decrease aside from that experienced by most other areas nationally amidst the freefalls in output experienced in 2009. The average household income of the greater Philadelphia area is $65,647, which gives it the ranking of the tenth richest city in the United States.
8. New York, New York - $69,437
The New York metropolitan area produced a GDP of $1,558,518 million US dollars in 2014, thereby ranking the first in metropolitan GDP nationally by a wide margin. In fact, this metro area is twice as big of an economy by GDP output than is the second place Los Angeles metro area. Interestingly, if the New York metro area was its own separate nation, it would rank among the top 13 largest economies in the world. The average household income of the New York metropolitan area is $69,437.
7. Denver, Colorado - $70,686
Denver is the largest city in the US state of Colorado. It is an important economic center, as a gateway to the western United States. The average household income of Denver and its surrounding environs is $70,686. Denver is a transportation hub, connecting the western United States with the midwestern United States and beyond. A number of large companies are also headquartered in Denver.
6. Minneapolis, Minnesota - $71,593
Minneapolis, the largest city in Minnesota, has an average household income of $71,593 when its surrounding metropolitan area is accounted for. The city is home to the second largest economy in the entire Midwest of the United States, after only Chicago. Many companies have their headquarters in Minneapolis, including retail giant Target. Other important aspects of Minneapolis's economy include banking, services, and healthcare.
5. Baltimore, Maryland - $73,395
Baltimore, in the eastern seaboard state of Maryland, has an average household income of $73,395 when its surrounding metropolitan area is included. A further important hotspot of industry, Baltimore today is vastly reliant on the service industry. Although the unemployment rate of Baltimore is rather high, at around 8%, the technology sector of the city is said to be growing steadily. It is projected that Baltimore will become an important technology hub in coming years.
4. Seattle, Washington - $76,061
Seattle, Washington, found in the Pacific Northwest, has an average household income of $76,061 as of 2016. The city and its environs is notable for being home to one of the fastest growing economies in the country, and household incomes continue their pattern of growth. This income growth is mostly driven by the technology sector, which is an important component of the city's economy. Unfortunately, income inequality in Seattle also seems to have grown in recent years, and is considered to be a pressing problem.
3. Boston, Massachusetts - $79,783
The GDP output of the Boston-Cambridge-Newton area was $382,459 million chained US dollars in 2014. This is one of the few metro areas that was actually able to minimize losses during the year 2009 (a decrement $2 million US dollars) after having had a significant gain in 2008. Boston and its suburbs have shown a steady annual growth rate, with an increase in GDP of approximately 1.6% in terms of real GDP. With the area claiming a total population of more than 4.6 million residents, it was ninth largest in the US in terms of 2014 GDP. Its average household income is $79,783, according to the American Community Survey.
2. San Francisco, California - $89,469
The San Francisco area has experienced a steady growth over the past few years, although it did experience a decrease during the time of the Great Recession. The San Francisco-Oakland-Hayward area's GDP was driven by a vigorous economic expansion within and around the Bay area, where more than 6.7% of GDP growth was observed, and positive spillover effects were felt across the Western US. Professional, scientific, and technical services have contributed a lot to real GDP growth in this area. The average household income of the area including and surrounding San Francisco city proper is $89,469.
1. Washington, D.C. - $94,430
The capital of the United States also happens to be its most prosperous metropolitan area when measured by household income. The average household in the Washington, D.C. area makes around $94,430 annually. The main reason for this concentration of wealth is an obvious one: the federal government. The federal government not only attracts high-earning university graduates, but also provides job opportunities that are not found elsewhere in the country. Many of the highest earning households are located outside of the central city, with a high concentration in Virginia.
Richest Cities in the US
|Rank||City||State||Average Household Income (Metropolitan Area)|
|8||New York||New York||$69,437|